They are then faced with gambling that rates will stay low until they can refinance or sell the asset.So how do forward commitments work?

It's in relatively good shape, hardly any issues, and the current tenant is very cooperative and responsible, he intends on staying for at least another 2 years.I'm seeing this as an opportunity for my first buy-and-hold property.

I believe the primary residence can be rented for about $2500 if the rents stay relatively stable.  

I’m trying to stay a bit conservative with my future predictions for this particular area.

Tenants tend to stay in SFH's longer than apartment rentals, so I would assume 3-4 years, and turn over could be as simple as a wipe down and carpet cleaning if the PM is doing their job and screening tenants appropriately (although even great screening doesn't always guarantee great, clean tenants).  

E - 1/1 $450 lease from 7/26/2006 - Middle aged male likely to continue to stay for an extended time.Taxes on the building would be roughly $2500, Insurance estimate $1200.

I'll stay in contact and thanks again!

I will definitely be doing my due diligence when working out a deal to stay within the lines.

Another advantage to you buying property back home is when you visit for the holiday's you can potentially write off your travel and cost of stay as property management costs.

This may lessen your down payment requirement, AND give you a place to stay when you visit.